DTN Closing Livestock Comment 06/10 16:28

DTN Closing Livestock Comment 06/10 16:28 Livestock Futures Rally Monday Livestock futures reversed late-week losses Monday to close triple digits higher. Follow-through buying could be seen the rest of the week. By Rick Kment DTN Analyst GENERAL COMMENTS: Buyers flooded into livestock markets Monday following the announcement by the Trump administration that it had reached an agreement with Mexico over immigration and was dropping its threat of tariffs on Mexican products imported into the U.S. Cash cattle trade remained quiet despite packers appearing to remain short bought to start the week. The strong shift higher and renewed confidence in cattle futures is likely to limit packers being willing to give in to early bids. Bids and asking prices are still undefined, and may remain that way until midweek or later. The early week movement of Southern cattle may continue, but it may be Wednesday before deals develop. The National Daily Direct afternoon hog report was $0.62 lower ($67-$76.50 per cwt, weighted average of $75.27) on 5,158 head sold. Corn futures remained mixed in a narrow range with July steady. The Dow Jones Index was 78 points higher with the Nasdaq up 81 points.